A few things you may want to think about before filing for benefits...
Whether you want to leave work at 62, 67 or 70, claiming the retirement benefits you are entitled to is no causal decision. You will want to consider the following key factors first.
1. How long do you think you will live? If you have a feeling you may live into your nineties, it may be better to claim later. If you sense you may not live into your eighties, claiming earlier may make more sense. For the record, Social Securities actuaries project the average 65 year old man living 84.3 years and the average 65 year old woman living 86.7 years.
2. Will you keep working? You may not want to work too much. Earning too much income can result in your Social Security being withheld or taxed.
3. When will you spouse file? Timing does matter, especially for two-income couples.
There are other questions as well...How much will can you expect from social security? What are my other sources of income? What do I expect my investments to earn over the long term?
Your claiming decision may be one of the major financial decisions of your life. Your choices should be evaluated in advance, with insight from a financial professional who has the expertise to give you comprehensive, specific advice.
Andrei Jigalin, CFP